Servotech Power shares hit lifetime high after giving technical breakout. More steam left?

Stock market Today: Servotech Power Systems share price rises 10% as it reaches circuit limit, scaling lifetime high on Tuesday

Empowering consumers with subsidized Solar Solutions, Servotech announced getting Enrolled with 62 DISCOMs under PM Surya Ghar Muft Bijli Yojana.

Servotech Power System share price that opened at ₹136.70 slightly higher than previous high of ₹134.23, however gained further more to hit 10% circuit limit of ₹147.65 on the NSE which is its lifetime high too.

The stock has there after given a technical break out. Is there more steam left.

Stock sees a technical breakout

Servotech Power's share price has given a fresh breakout on the technical chart at ₹142 apiece, said Sumeet Bagadia, Executive Director at Choice Broking. The solar stock is on a bull trend and may touch ₹170 to ₹180 in the near term, added Bagadia.

So, Servotech Power shareholders are advised to hold the stock with a stop loss of ₹130. Fresh investors can also buy this breakout stock for the short-term target of ₹180, maintaining a strict stop loss at ₹130, said Bagadia of Choice Broking.

About the Order

The manufacturer of solar solutions and Electric Vehicle chargers, Servotech Power Systems said in its release that that has expanded its reach significantly by enrolling with 62 DISCOMs across India under the Pradhan Mantri-Surya Ghar Mufti Bijli Yojana.

This strategic move as per Servotech not only solidifies its position in the renewable energy sector but also directly benefits consumers by enabling them to avail government subsidies when purchasing solar solutions from the company

"We are thrilled to partner with DISCOMs and contribute to the government's vision of a solar-powered India," said Sarika Bhatia, Director Sales, at Servotech Power Systems Ltd, in a statement.

This enrolment allows us to leverage our expertise in solar solutions to empower individuals and communities to embrace clean energy, reduce their carbon footprint, and achieve long-term cost savings, added Bhatia.

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